Toronto-based exploration and mine development Company
Eloro Resources Ltd. (
TSX-V: ELO,
OTCQX: ELRRF,
Forum) announced this week that a team of underwriters led by Haywood Securities Inc. and Cantor Fitzgerald Canada Corporation as co-lead underwriters and joint-bookrunners, and Cormark Securities Inc. as co-lead underwriter, had elected to exercise their over-allotment option in full. Under the terms of the financing, the over-allotment option granted the underwriters an option to purchase up to an additional 870,000 units at a price of $3.75 (CAD) per unit. The total number of Units to be sold in the Financing will be 6,670,000 units at the issue price for total gross proceeds to the company of $25,012,500 (CAD).
For more details on this financing, click
here.
With a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec, ELO recently filed a
preliminary short form prospectus. The Company intends to use the net proceeds from the financing mainly for continued exploration and development of the Company’s Iska Iska project in Bolivia, where drilling is planned to continue into Q1 2022, comprising 6,000 metres already budgeted and an additional 45,000 metres planned to be funded from the financing.
FULL DISCLOSURE: Eloro Resources Ltd. is a client of Stockhouse Publishing.